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What is Mortgage Payment Deferral?

The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. The COVID-19 Mortgage Payment Deferral program will be ongoing. You […]

Market Watch – COVID-19 Weighing on The Housing Market

The Canadian real estate market is adjusting to tightened restrictions on doing business as properties continue to swap hands in the midst of the COVID-19 pandemic. Much of March’s activity began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head […]

What you need to know about Home Inspections

So you’ve fallen in love with a new home and have decided to make an offer. But before you do, speak to your real estate agent about getting a home inspection. Having a professional home inspector go through the property and assess its current condition will give you a better sense of whether you want […]

The Bank of Canada Brings Out The Big Guns

Following the surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit yesterday and signalled it is poised to do more if necessary. The BoC lowered its target for the overnight rate by 50 bps to 1.25%, suggesting that “the COVID-19 virus is a material negative shock to […]

BREAKING NEWS: Morneau Eases Stress Test on Insured Mortgages

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada has introduced measures to […]

Condominium Occupancy Fees

Condominium Occupancy Fees

Whenever you purchase a new condo, there is a period of time between when you take occupancy of your unit and when you take ownership of your unit. This is known as the ‘occupancy period’ or ‘interim occupancy’. During this period you will be requested by the developer to pay occupancy fees or ‘phantom rent’ […]